27 July 2011 10:18 [Source: ICIS news]
The APCP on a CFR (cost & freight) Asia basis is the benchmark for Methanex’s contracts in South Korea and Japan, where importers buy on negotiated formulas based on this figure.
“Based upon our assessment of global and regional market conditions, we have decided to increase our Asian posted contract price by $50/tonne,” the company said in a statement.
However, market participants said the increase was too high and not justified.
Korean distributors said demand was likely to be weak in August because many downstream factories are expected to operate at lower rates during the summer holiday season.
This is the company’s first increase in two months. It last increased prices in June.
($1 = €0.69)
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